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Prospect News home > News index > List of issuers D > Headlines for Dar Al-Arkan Real Estate Development Co. > News item |
S&P downgrades DAAR
Standard & Poor’s said it lowered the long- term corporate credit rating on Dar Al Arkan Real Estate Development Co. (DAAR) to B from B+.
The outlook is stable.
The agency also said it lowered the ratings on the senior unsecured sukuk note certificates issued by DAAR to B from B+.
The agency said it simultaneously withdrew all of the ratings on the company at the company's request.
The downgrade reflects an opinion that DAAR's financial credit metrics will remain weak in the near term because of lower revenue in 2015 and 2016 and limited capacity to reduce debt leverage, S&P said.
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